Company struggling to fund solar power plant build by deadline

Thousands of solar power mirrors should be generating natural energy in South Australia, but the build is at risk of never happening if the company behind the project can’t raise the funds to get it off the ground.

The Aurora Power Plant was announced last August and is expected to cost $650 million.

Solar Reserve, the US based company behind the project opened offices at the Port Augusta site at the start of the year. But they haven’t raised the funds to get it green lit.

The Aurora project needs $650 million to happen. Image: 9News (9news)

“Project funding is a lengthy process and we’ve made great progress having identified the necessary funding sources from commercial lenders and equity providers,” a spokesman from Solar Reserve told 9NEWS.

As of last month, the company had only raised 60 percent of the required funds. They have been meeting with the state’s energy minister about the funding issue.

“What they’ve said is that as of yesterday, the project is still on track. They’ve certainly made it clear that they’re still seeking finance,” energy minister Dan Van Holst Pellkaan told 9NEWS.

Solar Reserve have only raised 60 per cent of the funds. Image: 9News (9news)The project is expected to create a job boom for the outback. Image: 9News (9news)

Solar Reserve have the security of a 20-year contract to provide the state’s energy needs once the project is completed. But that’s if they raise the money required.